February Natural Gas and Oil Rights Sale

The February sale of natural gas and oil rights in Northeastern BC generated nearly 17 million dollars in bonus bids.

That’s just slightly less than last year’s February sale, but it puts the calendar year total for the first two months of 2010 at 30 million and that’s well ahead of the 2009 pace.

19 of the 22 parcels offered in yesterday’s sale were sold covering more than 13,000 hectares.

The average price per hectare for this sale was nearly 1,300 dollars and the key parcels included four drilling licences located in the Horn River Basin, about 40 kilometres northeast of Fort Nelson, with per hectare bids as high as 3,526 dollars.

The next sale is scheduled for March 25th and it could be a big one as it will offer 77 parcels covering over 25,000 hectares.